Number crunching: April 2012
It’s the old law of supply and demand: there aren’t as many products to sell, but people want them, so the inventory is selling faster and at a higher price. So it is with Hawaii’s real estate, with the number of available resales continuing its gradual decline over the last two years.
The Honolulu Board of Realtors released resale figures today for April 2012, using data collected from its Multiple Listing Service (MLS) system, which show:
- In April 2012, 217 single-family homes sold—a 5.2 percent decrease compared to the same time last year.
- The median price paid for single-family homes was $600,000, a 2.6 percent increase over $585,000 in April 2011.
- Condo sales decreased 9.6 percent to 343 units, compared to 379 sold in April 2011.
- Meanwhile, the median condo price increased to $319,000 for April 2012, which is a 4.6 percent increase over the median $305,000 in April 2011.
- According to the Days on Market indicator, however, sales for single-family homes were accepted at a faster pace last month compared to a year ago, with single-family properties listing for 30 days; condominiums were also accepted in a shorter amount of time, listing for just 33 days.
The number of sales doesn’t mean that people aren’t buying; it’s more reflective of the available inventory, as demonstrated in the graph above. Click here to see the entire report, and you’ll find that most single-family homes sell within 92 percent (or better) of their original asking price, with the exception of homes priced $1.9 million or more. In condos, most sell within93 percent of their original asking price, with the exception of those priced $150,000 and below.
This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. The time delay between the signing of a sales contract and the closing of escrow is usually between one and three months. To see the entire report, click here.